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LG Chem produces carbon nanotubes at this facility in Yŏsu, South Korea.

LG Chem plans to more than triple its carbon nanotube capacity, to 1,700 metric tons per year. The firm says it expects the nanotube market to expand 30% each year through 2024, mostly because of the material’s use in batteries for electric vehicles. LG Chem is also developing uses in construction materials, high-voltage wiring, and other batteries. Other firms are placing similar bets. In April, Cabot paid $115 million for nanotube maker Shenzhen Sanshun Nano New Materials.